Answer questions below pertaining to the company listed below.

The non-profit organization is the College of Mount Saint Vincent:

1. Describe your organization. What makes it a nonprofit (or what would qualify it to be a nonprofit)?
2. Why is it a non-profit? What are the benefits? Any disadvantages?
3. Describe the accounting methods used.
4. What are the benefits of the non-profit status of your organization?
5. Who are your competitors?
6. Does your organization generate a surplus? If so, how are the funds recorded in the financial statements? In general, what is the purpose of a surplus for a nonprofit?
7. Is your organization leveraged? If so, describe the impact on the balance sheet and income statement. If not, assume your organization borrows $5 million. How would this impact the balance sheet and income statement?